Cardinal Energy Reports Solid Q1; Cuts Budget

Cardinal Energy (TSE:CJ) has released an update.

Cardinal Energy Ltd. reported stable production and slightly higher adjusted funds flow in Q1 2024 compared to the same quarter last year, despite challenges from weather and timing of well completions. The company paid out $29 million in dividends and made significant capital and exploration expenditures, while progressing with its Saskatchewan SAGD project. Additionally, strong drilling results have allowed Cardinal to cut its 2024 capital and ARO budgets by $26 million.

For further insights into TSE:CJ stock, check out TipRanks’ Stock Analysis page.